Cryptoeats disappears after raising £500,000 from token sale –

Cryptoeats, a company that reportedly raised $8 million in a Series A funding round to build a crypto-based Ubereats alternative, disappeared after launching its token. It is estimated that the startup may have taken more than £500,000 from investors following the launch of its official token called “Eats”. The alleged scam was promoted by British influencers and produced related clothing and even held a launch party in London.

Cryptoeats initiative disappears after token launch

Cryptoeats, a company that proposed developing a crypto-based Ubereats alternative, disappeared from the internet just minutes after launching its official token. The company, which had an official website and claimed to have raised funds to create its proposal, said it had conducted a public beta of the service and was working with grocery chains such as Nando's and McDonald's.

Additionally, the startup claimed to have already onboarded more than 100,000 customers who have signed up to download and use the app on launch day. But the developers of eats, the platform's native token, emptied the wallet of funds from the original token sale, stealing more than £500,000, according to investors reported. Shortly after, all of the startup's social media accounts disappeared along with its website.

Cryptoeats looked legit

Cryptoeats worried about looking legitimate before disappearing. The company first released a PR statement claiming to have raised $8 million in its Series A funding round in 2020. The PR statement released on October 16 said the company would “take a large portion of the $16.6 billion.” Delivery app market.” The instruction was issued with Globenewswire and was presented on the Yahoo Finance website, but both references have now been removed.

On a local level, Cryptoeats has also done its work to United Kingdom Influencers to promote the new initiative to their fan base. Joey Essex, a reality TV star who promoted Cryptoeats, specified He complained about the situation to local media. Essex emphasized:

I cook. This company used my name to get a lot of people to invest money. It's disgusting and I feel sorry for anyone in this situation.

But Essex wasn't the only local celebrity promoting Cryptoeats. Many other influencers attended a launch party in London last week, where Cryptoeats clothing was shown and worn by some of the assistants.

What do you think about the whole Cryptoeats fiasco? Tell us in the comments section below.

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